Dear BTCST Community,
On February 24, 2021, the BTCST Community concluded the voting on STP-4 Redenomination Proposal with an agreement to implement a 1:10 redenomination.
After consultation with our commercial partners and mining members, the Standard Hashrate Group is now announcing our planned upgrade to BTCST’s smart contract next week, the week of March 15, to effectuate the 1:10 redenomination across the multiple partnered exchanges and wallets.
While the smart contract upgrade itself takes a few minutes only, we expect that it can take up to 4 days for all of our commercial partners to fully implement the redenomination. We will provide our community with prompt updates and assistance both during the process and upon the completion of the upgrade.
To illustrate the effect of the STP-4 1:10 redenomination: address A contains 1 BTCST before the redenomination. Upon the completion of the redenomination, the smart contract would automatically adjust the balance data such that address A will now show a balance of 10 BTCST. Address A will still possess a total of 0.1 TH/s of standardized Bitcoin hash power, except that after the completion of the STP-4 1:10 redenomination, each BTCST will represent 0.01 TH/s of standardized Bitcoin hash power.
As a reminder, the STP-4 1:10 redenomination does not involve any new token issuance or token swap. The overall valuation of BTCST as well as mining reward boost factors and APY remain unchanged. As with stock splits, the total circulation of BTCST will change from 1.5 million to 15 million after the redenomination is complete. For any given user, the redenomination has no impact on the ratio of the user’s holdings of the number of BTCSTs in total circulation.
Please also note the following:
- If you are staking BTCST to mine BTC in our dApp, there is no need to unstake. The redenomination is effectuated at the network level and will become active for you automatically.
- If your BTCST is hosted in an exchange account or a personal wallet app, please wait for the official announcement from the relevant partnered exchanges and wallets. There might be a slight delay between the completion of our on-chain upgrade and the updating of your BTCST balance in these wallets. This delay depends on how promptly a wallet service provider refreshes their settings. We will work with all service providers to ensure that this process is completed as soon as possible.
Kindly see here for more FAQs on the redenomination. Armor Labs and CertiK have completed the security audits for the minor change in the original smart contract, and they have discovered no critical or major issues. These reports can be found below:
BTCST is the blockchain industry’s first Bitcoin leveraged hashrate token and the first hashrate token to launch on Binance Launchpool. BTCST creates an efficient market for Bitcoin mining power in ways similar to how Grayscale Bitcoin Trust creates institutional liquidity for Bitcoin. BTCST is a BSC-based smart contract with no private equity, zero venture capital, and zero team token reserves. BTCST completely relies on community autonomy and has passed security audits from Armor Labs and CertiK.
BTCST has partnered with five institutional miners that represent 12% of the entire Bitcoin hashrate: BTC.TOP, Easy2Mine, Genesis Mining, Atlas Mining, and Hengjia Group. At the same time, BTCST is supported by Trust Wallet, MathWallet, TokenPocket, SafePal, and other wallets. At present, BTCST is listed on Binance and PancakeSwap.